The "s" in 3GS supposedly stood for "speed," which reflected how the 3GS was the fastest iPhone to date. The phone was released without many hardware upgrades and in coordination with the iPhone 3.0 firmware update. Due to continued software support and upgrades, the iPhone 3GS is still present on the market. In the week after the announcement of the phone, Apple stock dropped 5 percent and 3 percent in the two days after its release.